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Overdrafts

Changes to Unarranged Overdraft fees

What’s changing?

From 10 July 2018, we’re changing the amount of Unarranged Overdraft fees we charge and removing these fees altogether from some accounts. 

For the 1|2|3 Current Account, 1|2|3 Lite Current Account, Select and Private Current Accounts

  • Unarranged Overdraft fees will be removed from these accounts from 10 July 2018. This means you won’t pay any Unarranged Overdraft fees if your account goes into an Unarranged Overdraft position. 
  • If you have an Arranged Overdraft facility and go into an unarranged position, Arranged Overdraft usage fees will continue to apply. 
  • We’ll remove the existing overdraft fee cap of £95 per monthly statement period. 
  • All other account features, including cashback categories, in-credit interest, monthly account fee and 1|2|3 World offers (where applicable), won’t change.

For all other current accounts where Unarranged Overdraft fees apply 
These changes are being made to the Everyday Current Account, Essentials Current Account, Student range of current accounts and current accounts no longer on sale. 

  • From 10 July 2018, we’ll remove the existing overdraft fee cap of £95 per monthly statement period, which covers Arranged and Unarranged Overdraft fees. 
  • We’ll replace it with a lower cap of £50 per monthly statement period which will cover Unarranged Overdraft fees only, including Paid and Unpaid Transaction fees. This means you won’t pay more than £50 per month in Unarranged Overdraft fees.

We’re not making changes to Arranged Overdraft fees for any of our accounts, including the Choice Current Account. The £12 fee-free buffer will also remain for daily overdraft usage fees. If you have an account where Arranged Overdraft fees don’t apply when you use your arranged overdraft (such as a student or graduate account), this won’t change.

Choice Current Account

  • There are no changes to the Choice Current Account.

What happens next?

Nothing is changing immediately.  We’re letting you know in advance so you have time to understand the changes and take any action if you’d like to. To learn more about the changes please go to the page for your current account from the list below and read the Key Facts Document.

1|2|3 Current Account
1|2|3 Lite Current Account
Select Current Account
Everyday Current Account
Choice Current Account
Basic Current Account
Essentials Current Account
1|2|3 Mini Current Account
1|2|3 Student Current Account
1|2|3 Postgraduate Current Account
1|2|3 Graduate Current Account

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